Category: Business

Felix Mlusu * Mid-year Budget performance * Performance of taxes on goods and services fell short of target by 5.4% * This was on account of subdued effective demand and rampant non-compliance in domestic VAT By Duncan Mlanjira Parliament approved total expenditure and net lending of K2.190 trillion in the 2020/2021 financial year while inflows of revenues and grants were approved at K1.435 trillion, giving a total financing requirement of K755.1 billion. Of this financing, reports Finance Minister Felix…

Read More

Finance Minister Felix Mlusu * To cushion effects caused by COVID-19 pandemic period * Payment is being made after thorough verification by the Auditor General’s office By Duncan Mlanjira In his presentation of the review of the second half of the 2020/2021 Budget in Parliament on Friday in Lilongwe, Finance Minister Felix Mlusu said in order to support the business community during the COVID-19 pandemic period, Government has commenced payment of public sector arrears as one way of injecting…

Read More

* To finance recruitment of healthcare workers * AstraZeneca COVID-19 vaccine doses are for 20% of the population * Total requirement for this vaccine for the entire population is US$120.2 million * Government is in discussion with cooperating partners to secure doses for the entire population By Duncan Mlanjira The provision for wages and salaries has been revised upwards from its approved amount of K523.7 billion to K525.3 billion, representing an increase of K1.6 billion which is budgeted to…

Read More

* In order to achieve set targets for smooth budget implementation * Second half has been drawn with full consideration of developments during the first half * Total revenue and grants are projected at K875.8 billion * Of which K621.6 billion is domestic revenue and K254.2 billion are grants By Duncan Mlanjira Finance Minister Felix Mlusu has told Parliament sitting in Lilongwe on Friday that in the second half of 2020/2021 fiscal year, Government will continue with its efforts…

Read More

Finance Minister Felix Mlusu * Representing 94.0% of the target * Domestic revenue collection was projected at K1.179 trillion * As Finance Minister presents the 2020/2021 mid-year budget review * This has been achieved in the hardest of times characterised by subdued economic activity due to COVID-19 pandemic By Duncan Mlanjira At the time of budget formulation of the 2020/2021 fiscal year, it was assumed that policy measures and strategies by the Government would result into domestic revenue collection…

Read More

Vice-President Saulos Chilima, Minister of Public Sector Reforms * To review systems of allowances, procurement and employment contracts * The rot that is in government goes deeper than the abuse of COVID-19 funds—Chakwera By Duncan Mlanjira Vice-President Saulos Chilima has announced the names of the special taskforce to comprehensively review the three Governmen systems of allowances, procurement and employment contracts as directed by President Lazarus Chakwera last Sunday. The special taskforce, to submit its recommendations to the President within 90…

Read More

Jacqueline Koreia-Phakamea By Duncan Mlanjira One of the country’s business magnate, Jimmy Koreia Mpatsa has been forced to issue a public notice warning institutions and the general public from trusting his daughter, Jacqueline Koreia-Phakamea to offer her loans on surety that it would be settled by the father himself or the family Mpatsa Trust. In the notice posted on social media Facebook, Koreia-Mpatsa said it was brought to his attention that Jacqueline “has been/is soliciting loans from the general…

Read More